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Algeta to evaluate novel Targeted Thorium Conjugate (TTC) based on Avipep's Avibody platform


Algeta to evaluate novel Targeted Thorium Conjugate (TTC) based on Avipep's Avibody platform

OSLO, NORWAY -- (Marketwired) -- 06/11/13 -- Algeta ASA (OSE: ALGETA) announces a collaboration with Australian biotechnology company Avipep Pty Ltd to evaluate a novel Targeted Thorium Conjugate (TTC) based on combining Algeta's proprietary thorium-227 alpha-pharmaceutical payload with an Avibody(TM) from Avipep that targets a number of different solid tumor types.

Under the terms of the agreement, Avipep will provide access to a proprietary Avibody, a next-generation antibody fragment, and Algeta will provide access to chelation and conjugation technologies, as well as to its alpha particle-emitting payload thorium-227. Both companies will contribute financially to the collaboration, which is expected to last for up to one year initially with the option for further cooperation thereafter. No further terms have been disclosed.

Thomas Ramdahl, Executive Vice President and Chief Technology Officer at Algeta, said: "This TTC evaluation agreement is a further step towards our goal of building an attractive pipeline of thorium-based alpha pharmaceuticals. Avivep's Avibody has shown excellent tumor localizing properties in model systems and we hope that when armed with our highly potent thorium-227 payload this novel TTC will offer maximum therapeutic benefit."

About the Algeta TTC Platform

Algeta is evaluating the potential utility of alpha-particle emitting elements in the treatment of cancer. Previous studies[i] have indicated that such elements may have value in treating cancers by causing double-strand DNA breaks that trigger cell death, and have also shown that the effects of alpha-emission are highly localized as a result of the very short range of the alpha particle (2-10 cell diameters), potentially minimizing off-target effects. Thorium-227 is one alpha-particle emitting element (radionuclide) that has been selected by Algeta for further investigation. By linking thorium-227 to cancer-targeting molecules such as monoclonal antibodies, Algeta believes it may be possible to develop a pipeline of targeted alpha-pharmaceuticals, termed Targeted Thorium Conjugates, or TTCs. Algeta intends to evaluate TTCs in a broad range of cancer types to determine whether the TTC platform could offer advantages over naked (un-armed) antibodies or antibody-drug conjugate technologies that use cytotoxic drugs (rather than alpha-emitting elements) as payloads. Such advantages may include increased potency, a more localized tumoricidal effect and the potential to address drug resistance by virtue of the physical action of the alpha particles.

For more information about Algeta's technology, please visit www.algeta.com.

About Algeta

Algeta is a company focused on developing novel targeted therapies for patients with cancer based on its alpha-pharmaceutical platform. The Company is headquartered in Oslo, Norway, and has a US subsidiary, Algeta US, LLC, based in Cambridge, MA performing commercial marketing operations in the US. Algeta is listed on the Oslo Stock Exchange (Ticker: ALGETA). For more information please visit www.algeta.com.

About Avipep Pty Ltd

Avipep is a privately owned biotechnology company developing ADCs for the treatment of cancer. Avipep's proprietary Avibody(TM) products are engineered antibody related proteins that can deliver either cancer-killing drugs or cancer-imaging agents directly and specifically to tumours. Antibodies are natural proteins in the body's immune system that can target cancer cells by binding to specific molecules on the cancer-cell surface. Avibody(TM) products leverage the targeting capacity of natural antibodies but are tuned for improved tumour targeting and in-vivo performance. To date the Company has generated pre-clinical animal results that suggest the exciting potential for the approach. For further information about Avipep, visit its website at www.avipep.com.au.

Forward-looking Statements

This news release contains certain forward-looking statements that are based on uncertainty, as they relate to events and depend on circumstances that will occur in the future and which, by their nature, may have an impact on results of operations and the financial condition of Algeta. Such forward-looking statements reflect our current views and are based on the information currently available to Algeta. Algeta cannot give any assurance as to whether such forward looking statements will prove to be correct. These forward looking statements include statements regarding future development activities generally and our TTC program in particular. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things, risks or uncertainties associated with the success of future clinical trials, collaborations with other companies in the development of targeting molecules, general economic and business conditions and difficulties of obtaining relevant governmental approvals for new products, and the other risks and uncertainties described in our annual report.

[i] Hall (1994) Radiobiology for the Radiologist (Lippincott, Philadelphia)

Press release: http://hugin.info/134655/R/1708266/565961.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Algeta ASA via Thomson Reuters ONE

[HUG#1708266]

For further information, please contact:

Mike Booth / Renate Birkeli +47 23 00 67 32 Communications & Corporate Affairs ir@algeta.com

Media enquiries: Mark Swallow +44 207 638 9571 Citigate Dewe Rogerson mark.swallow@citigatedr.co.uk

Knut Ekern +47 22 04 82 00 Gambit Hill & Knowlton knut.ekern@hkstrategies.com

Kari Watson +1 781 235 3060 MacDougall Biomedical Communications kwatson@macbiocom.com

US investor enquiries:

Tricia Swanson +1 646 378 2953 The Trout Group tswanson@troutgroup.com

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